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Proposed PERS Amendment <br />February 16, 1993 <br />Page 2 <br />The contract amendment process specified in the PERS law requires <br />adoption of a Resolution of Intention to amend the contract and <br />adoption of an ordinance authorizing the amendment to the contract. <br />FISCAL IMPACT <br />There is no immediate fiscal impact associated with the Military <br />Service Credit provision with this action. However, the total cost <br />of providing the benefit will be dependent on the number of <br />employees exercising this option. Cost per employee for the two <br />year additional service credit is from 56% to 62% of salary. The <br />estimated average cost for the City is $46,000 per employee. <br />rmit Francis <br />Executive Director <br />Personnel Services <br />KF: LL: ck <br />CONCUR: <br />otd Coloma ' <br />Executive Director <br />Finance and Management Services <br />